What is Equity
Release?
When people retire most
face a big drop in income which often means they may have to
consider selling their home and downsizing to raise capital.
If your pension is not enough for you to enjoy your retirement
then an equity release scheme may be for you.
However there is another option available to home
owners known as equity release schemes which can be used to raise
capital in the form of a lump sum or monthly payments.
There are two main types of equity release schemes
which are known as Lifetime Mortgages and Home Reversion schemes.
With a Lifetime mortgage you take out a mortgage loan but retain
the full ownership of the property until you die when the property
is sold and the mortgage loan is re paid You usually make no
repayments when you are alive, and will receive a lump sum and
or monthly payment.
Equity release loans used to be only available
for people nearing or in retirement, however they are now being
offered to people who wish to raise money on their property by
re mortgaging their property. Re mortgaging can be a way of raising
money cheaply, but you should always seek professional qualified
advice such as that provided by an IFA
If you are looking for information on property
equity release see this page.
If you are looking for equity release information
in Cardiff or the surronding area try Martyn Prowel Solicitors
Cardiff
Need advice on care home fees then see this website.
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